Accepted answer
The mechanism question has a clean answer for the peripheral effects and a much less clean answer for the central ones, and it is worth being explicit about which of those you are asking about.
Tirzepatide is an imbalanced dual agonist: it is more potent at the GIP receptor than at the GLP-1 receptor, which is the opposite of what most people assume from the way it is described. Whether the GIP contribution works through central appetite pathways, through adipose insulin sensitisation, or through modulating the GLP-1 signal is genuinely unsettled, and the honest position is that the clinical result is clear and the attribution is not.
What the glucagon arm of a tri-agonist adds is energy expenditure and hepatic fat mobilisation; what it costs is glycaemic control and an increase in heart rate. That is why the tri-agonists show a steeper weight-loss curve and why their development requires more care around cardiac and glycaemic endpoints than a pure GLP-1 agonist does.
Retatrutide’s Phase 2 dose-ranging results reported dose-dependent weight reduction with a tri-agonist across a range of doses, and the magnitude at the top dose is what motivated the Phase 3 TRIUMPH programme[1].
One qualification: none of the investigational agents discussed here is approved anywhere, and material supplied for research use is not approved for human use.
Do not convert doses between agents. There is no exchange rate, and constructing one is how people arrive at an order-of-magnitude error.